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Forex intraday using the 5min chart: EURUSD 108 replies

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5Min Intraday System

  • #4,281
  • Edited 10:01am Jun 10, 2008 9:40am | Edited 10:01am
good news for cad ,i was waiting for this TC ,wait and see what will happending
edit:out -9
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  • #4,282
  • Jun 10, 2008 11:00am Jun 10, 2008 11:00am
Somebody on the Skype mentioned a pullback is busy forming the EY. Just my comments to show people what I am looking for during a pullback:

Pullback on E/Y
[4:50:27 PM] Willem Kruger says: 21 still in non-trade zone.

[4:52:13 PM] Willem Kruger says: Flattish pullback to start off

[4:52:39 PM] Willem Kruger says: In between two pivot lines

[4:53:31 PM] Willem Kruger says: Previous Hihg and lows? - is there an arera of support and resistance

[4:53:58 PM] Willem Kruger says: Big or small candles into the war zone?

[4:54:13 PM] Willem Kruger says: Just a few signals you can look for

[4:54:42 PM] Willem Kruger says: How far is the MACD from forming a TC

[4:55:31 PM] Willem Kruger says: Lots of tails in that pullbacks - indecision

[4:56:25 PM] Willem Kruger says: No real pattern formation yet

[4:56:47 PM] Willem Kruger says: Sorry - just to show you what I am looking for in a pullback

[4:57:11 PM] Willem Kruger says: Speed of the market now?

[4:59:38 PM] Willem Kruger says: I hope it make sense

[5:26:41 PM] Willem Kruger says: EY - can you see why you should be looking for signals in a pullback and ignore the setup if you don't see anything familair!

The chart is when I mentioned the signals I am looking for. Please look at your own chart to see what I meant with my last message - it went through the 50MA.

Just another example why we cannot take just any pullback as a trade. You'll get burned.
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Willem Forex recipe for success = Patience, discipline & hard work.
  • #4,283
  • Jun 10, 2008 11:31am Jun 10, 2008 11:31am
My trade on EUR - same as Island. But just look at the TC #1 & 2. Both gave 10pips. Then the TC after our trade - that is what Phillip is warning us against: a move only has a limited number of tradeable setups. That setup after our trade - you are pushing your luck.

Sorry, I think I post too many pictures. It is just because I am practising and gaining experience in this system. I am teaching myself and I just want to share it.

I'll relax from now on and let somebody else gives his/her opinion as well.
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Willem Forex recipe for success = Patience, discipline & hard work.
  • #4,284
  • Jun 10, 2008 12:08pm Jun 10, 2008 12:08pm
Ah, discipline! A little while ago, 16:30 gmt. The speed of the market had moved to the 21 ema, so price action had slowed considerably and was tricky. I was going to post that I had no entries on EURUSD today during my session, and then I did this silly little thing. Remind me not to do it again. --Tony

Hey, Willem! If anyone has a right to post pictures on this thread, you should be able to post a hundred. They're good for instruction and reminders, and thanks!
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  • #4,285
  • Jun 10, 2008 12:23pm Jun 10, 2008 12:23pm
Quoting OldDog
Ah, discipline! A little while ago, 16:30 gmt. The speed of the market had moved to the 21 ema, so price action had slowed considerably and was tricky. I was going to post that I had no entries on EURUSD today during my session, and then I did this silly little thing. Remind me not to do it again. --Tony

Hey, Willem! If anyone has a right to post pictures on this thread, you should be able to post a hundred. They're good for instruction and reminders, and thanks!
Hi T

Thanks and I know. I just don't want to "take over" and I want other people to share their experience as well. Like you - I do like the explanations on your charts because sometimes I followed the same setup and I do have my opinion/s. It is nice to see what and how you think of it.

Thanks again and enjoy trading this system.
Willem Forex recipe for success = Patience, discipline & hard work.
  • #4,286
  • Jun 10, 2008 12:25pm Jun 10, 2008 12:25pm
And, as so often happens, here's the move I should have taken, only a little later. However, I was busy writing up the previous post and licking my wounds. Ah, me! --Tony
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  • #4,287
  • Jun 10, 2008 12:37pm Jun 10, 2008 12:37pm
Quoting Golfer
Hi T

Thanks and I know. I just don't want to "take over" and I want other people to share their experience as well. Like you - I do like the explanations on your charts because sometimes I followed the same setup and I do have my opinion/s. It is nice to see what and how you think of it.

Thanks again and enjoy trading this system.
Okay, Willem, but you'll be sorry.... I'll take over! And we'll start taking our trades according to what our pets tell us. If my dog scratches her ear, it'll be a long. If she scratches her side, we'll go short.
  • #4,288
  • Jun 10, 2008 12:39pm Jun 10, 2008 12:39pm
Quoting OldDog
And, as so often happens, here's the move I should have taken, only a little later. However, I was busy writing up the previous post and licking my wounds. Ah, me! --Tony
Hi T

I also entered too early - then I decide to exit with 2pips profit. Just didn't like what I saw. The same for Cable at the same time exit for 5pips. Just one of those things and afterwards it is easy to see the setup. Difficult to see it while it was developing.
Willem Forex recipe for success = Patience, discipline & hard work.
  • #4,289
  • Jun 10, 2008 12:40pm Jun 10, 2008 12:40pm
Quoting OldDog
Okay, Willem, but you'll be sorry.... I'll take over! And we'll start taking our trades according to what our pets tell us. If my dog scratches her ear, it'll be a long. If she scratches her side, we'll go short.
Go for it!!!!!
Willem Forex recipe for success = Patience, discipline & hard work.
  • #4,290
  • Jun 10, 2008 12:47pm Jun 10, 2008 12:47pm
Aaaarrf!!!
  • #4,291
  • Jun 10, 2008 11:00pm Jun 10, 2008 11:00pm
Hi everyone, Im new to this thread, Ive been going through the posts and I find this system very interesting. Finding trades using the 4hour MACD system has been a bit tough for me lately so I feel the need to start learning another intraday system that does not depend on medium term trends that strictly.

Ive encontered a couple of questions regarding when trades should be taken:

As soon as the signal is given if the market matches the conditions sugested in the thread? Or after a combination or a power bar (or candle)?

What are the recomended trading times for this system?

Any other suggestion would be apreciated, Ive been going through Golferīs Apendix, but all aditional info would be great.

Oh, Im adding a graph showing a trade that I did not take today (papertraded it) but I would like to know what others thought of that particular situation, it was tempting for me. 2 Powerbars + Trendline and signal in Warzone... It failed with a 12 pip SL, 10 pip TP.

And thanks to everyone participating in this thread, specialy Philip and Golfer, your commitment is greatly apreciated by us newcomers.

Good pips from Mexico!
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  • #4,292
  • Jun 11, 2008 1:38am Jun 11, 2008 1:38am
Hi Mx

See my comments on your chart and between your message.

Quoting MxPips
Hi everyone, Im new to this thread, Ive been going through the posts and I find this system very interesting. Finding trades using the 4hour MACD system has been a bit tough for me lately so I feel the need to start learning another intraday system that does not depend on medium term trends that strictly.

As suggested by Philip in one of his MP3 files (?this week) - you need to have a short-term strategy that you can trust and use in the mean time

Ive encontered a couple of questions regarding when trades should be taken:

As soon as the signal is given if the market matches the conditions sugested in the thread? Or after a combination or a power bar (or candle)?

I look for a combination of signals - as mentioned in the message on the previous page that I copy from the Skype chat

What are the recomended trading times for this system?

What you feel comfortable with

Any other suggestion would be apreciated, Ive been going through Golferīs Apendix, but all aditional info would be great.

Oh, Im adding a graph showing a trade that I did not take today (papertraded it) but I would like to know what others thought of that particular situation, it was tempting for me. 2 Powerbars + Trendline and signal in Warzone... It failed with a 12 pip SL, 10 pip TP.

It was not a bad set up - just one of those. Not all trades will be positive. Because this was the first full back after the 50 was broken, I want to determine/use this set up to the speed of the market.

If you did enter, try to get out as close as possible once the small support line is broken

And thanks to everyone participating in this thread, specialy Philip and Golfer, your commitment is greatly apreciated by us newcomers.

Only a pleasure

Good pips from Mexico!
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Willem Forex recipe for success = Patience, discipline & hard work.
  • #4,293
  • Edited 2:47am Jun 11, 2008 2:01am | Edited 2:47am
Quoting MxPips
Hi everyone, Im new to this thread, Ive been going through the posts and I find this system very interesting. Finding trades using the 4hour MACD system has been a bit tough for me lately so I feel the need to start learning another intraday system that does not depend on medium term trends that strictly.

Ive encontered a couple of questions regarding when trades should be taken:

As soon as the signal is given if the market matches the conditions sugested in the thread? Or after a combination or a power bar (or candle)?

What are the recomended trading times for this system?

Any other suggestion would be apreciated, Ive been going through Golferīs Apendix, but all aditional info would be great.

Oh, Im adding a graph showing a trade that I did not take today (papertraded it) but I would like to know what others thought of that particular situation, it was tempting for me. 2 Powerbars + Trendline and signal in Warzone... It failed with a 12 pip SL, 10 pip TP.

And thanks to everyone participating in this thread, specialy Philip and Golfer, your commitment is greatly apreciated by us newcomers.

Good pips from Mexico!
Everyone has his own style here, IMHO Tokyo session is not the best one for this system (the trade in your chart was in it) I like trade since before London opens till after London close (6:00 GMT-17:00 GMT).
Power Candle is only an extra signal that works in good setups, see Xaron... he doesn't use them and despite that he is successful with this system.
Try to find which style, setups and conditions work with you, just practice can tell you that.
I hope it helps.
P.S:Before write this post some of my favorite patterns worked in e/j, I just put this chart as example.
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  • #4,294
  • Jun 11, 2008 2:08am Jun 11, 2008 2:08am
Hi this is very good rhytim in eur/jpy for me this is a perfect setup what do u think, only got 1 entry because doing something in my work.
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  • #4,295
  • Jun 11, 2008 2:17am Jun 11, 2008 2:17am
Quoting poplar
Hi this is very good rhytim in eur/jpy for me this is a perfect setup what do u think, only got 1 entry because doing something in my work.
Perfect - well done
Willem Forex recipe for success = Patience, discipline & hard work.
  • #4,296
  • Jun 11, 2008 2:46am Jun 11, 2008 2:46am
Quoting mkain
Everyone has his own style here, IMHO Tokyo session is not the best one for this system (the trade in your chart was in it) I like trade since before London opens till after London close (6:00 GMT-17:00 GMT).
Power Candle is only an extra signal that works in good setups, see Xaron... he doesn't use them and despite that he is successful with this system.
Try to find which style, setups and conditions work with you, just practice can tell you that.
I hope it helps.
P.S:Before write this post some on my favorite patterns worked in e/j, I just put this chart as example.
Glad to see you are still with us!!!!!
Willem Forex recipe for success = Patience, discipline & hard work.
  • #4,297
  • Jun 11, 2008 5:50am Jun 11, 2008 5:50am
Going to try this long on cable here.
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  • #4,298
  • Jun 11, 2008 5:54am Jun 11, 2008 5:54am
Relatively smooth one this.
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  • #4,299
  • Jun 11, 2008 9:10am Jun 11, 2008 9:10am
Anyone purposely staying away from the market on this FOMC/Beige Book day? I'm sitting here fishing, and seeing no good set ups... (I'm only looking at the E$ at the moment)

ETA: And just as I wrote that, the E$ shot up 20 pips! Oye... Can't take your eyes off the screen for a moment
Money missed is better than money lost
  • #4,300
  • Jun 11, 2008 9:11am Jun 11, 2008 9:11am
Thanks a lot Golfer and Mkain, good advice... Ill continue following the thread and hope to get better at this system. Is any of you using it as your primary trading strategy?

Good Pips from MX!
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